B. Riley Wealth Advisors Inc. Decreases Stock Holdings in Cleveland-Cliffs Inc. (NYSE:CLF)

B. Riley Wealth Advisors Inc. reduced its stake in shares of Cleveland-Cliffs Inc. (NYSE:CLF) by 55.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 59,229 shares of the mining company’s stock after selling 73,493 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Cleveland-Cliffs were worth $757,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Altshuler Shaham Ltd acquired a new stake in shares of Cleveland-Cliffs in the 2nd quarter worth approximately $26,000. Strengthening Families & Communities LLC boosted its position in Cleveland-Cliffs by 299.8% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock worth $25,000 after purchasing an additional 1,490 shares in the last quarter. Darwin Wealth Management LLC acquired a new stake in Cleveland-Cliffs in the third quarter valued at $34,000. Truvestments Capital LLC purchased a new position in shares of Cleveland-Cliffs in the third quarter valued at $34,000. Finally, Blue Trust Inc. raised its stake in shares of Cleveland-Cliffs by 231.9% during the 3rd quarter. Blue Trust Inc. now owns 3,634 shares of the mining company’s stock worth $46,000 after buying an additional 2,539 shares during the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Morgan Stanley lowered their price objective on shares of Cleveland-Cliffs from $15.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Seaport Res Ptn raised shares of Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 27th. StockNews.com downgraded Cleveland-Cliffs from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Citigroup lowered their target price on Cleveland-Cliffs from $18.00 to $12.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Finally, The Goldman Sachs Group assumed coverage on Cleveland-Cliffs in a report on Monday, December 2nd. They issued a “buy” rating and a $16.00 price target for the company. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $17.39.

Cleveland-Cliffs Stock Performance

NYSE CLF opened at $9.54 on Thursday. The business’s 50-day moving average price is $12.37 and its 200 day moving average price is $13.37. The company has a current ratio of 1.85, a quick ratio of 0.55 and a debt-to-equity ratio of 0.53. Cleveland-Cliffs Inc. has a twelve month low of $9.51 and a twelve month high of $22.97. The company has a market capitalization of $4.71 billion, a PE ratio of -9.84 and a beta of 1.92.

Cleveland-Cliffs (NYSE:CLF) last announced its quarterly earnings data on Monday, November 4th. The mining company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.02). Cleveland-Cliffs had a negative return on equity of 0.59% and a negative net margin of 2.31%. The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.72 billion. During the same quarter in the previous year, the company earned $0.54 earnings per share. The company’s revenue was down 18.5% on a year-over-year basis. On average, research analysts predict that Cleveland-Cliffs Inc. will post -0.45 earnings per share for the current year.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.